Daily Republican. [volume] ([Wilmington, Del.]) 1874-1890, 1887-06-14

A Big Decline Causes . Panic and Much
Trouble In New York.

Trouble In New York.
The New York coffee market opened
12O points under Saturdays close yes.
terday morning Ana the coffee exchanee e
OF that city witnessed the most exciting
period Of its history. Several heavy
failures we're announced before the
CLOSE. The furry caused good deal OF
excitement in Philadelphis, but as far
as could be learned there were Lo fail.
ures and the general opinion Is that
there will be none, as ali of the dealers
are well enough backed financially to
tide over. On Change In New York
brokers acting for the bull operators
rushed about panio.stricken and sold
without regard 10 figures.
All through the forenoon The selling
was coupled with the widest scepes
ever witnessed on the Exchange and In
ell the offices there were knots of brok-
ers gathered discussing the pros poets OF
Q recovery. In the afternoon there was
some hope of q rally, but the heavy
selling continued and soon the price
fell of In heavy fuctu atious until II
reached 1855. . pound. This decline
Was accompanied by tho notice of the
suspension Of three New York tirms, b
q. Arnold u 90, Norton, WeyI q Be.
van snd MAckAy h Small. After the
announcement Of these failures IN or,
ganized effort was made by the promi.
nent houses like o 'Donahue, Gruner &
CrOssDan to sustain the market. q I'D
tht y succeeded In causing Q rally OF
about 10 oil arOund.s
The failure Of B. G. Arnold & 90.
attracted the most attention, % they are
h0 raA ,tv1a a. kA
but 1t was centrally anticipated. Mr..
Arnold says he can make no statement
Of his liabilities and said he could not
say anything about the chances Of rs.
suming. Outsiders Q aim that the hrm
has been carrying 900, 900 bags Of coffee
for the Rio JAneirO operators, known 81
the Brazilian party, and 1t is estim ate I
that the liabilities will amount TO 0vel
el, ,OO0,C COO.
There are less than score of whole
sale coffee dealers In this city, and o
that number nearly one half simply
either do commission business or ar,
managed by large New York firms
For many yeRrS there hiss been but lit
tie coffee imported to Phils Henry
O. Potter being the only importer. Mr.
Potter imports his coffee from NioArA
8uA hIu itc tLuubhCtiuub hmOuuL 10 Du
little over thousand bags per year.
The recent big advar CO was caused
BY q syndicate coppose1 OF New Yorl
parties and coffee advanced from 8 10 II
cents. Since then Philadelphia deal
ers have been tskiLg stock cautiously
and II Is thought that not z ore thar
two firms heie now have over ten OF
fifteen thousand bags on hand. Tht
fall In price represents drop Of abou
thirty cents on the dollar. 1t Ia feared
that other houses will go under. Th,
market rallied sharply after the las
failure was announced and closed com
paratively strong.
The Philadelphians claim that the or
ticle can be procured much cheaper |,
New York than by importing. Mr.
Palmer, Of the firm Of AibucSie Broth
ere, 10 North Front street, says sha
they have not as large stock on hant
as customary, and thei. Losses will IL
no way inconvenience them. Kerr
Hendrics, OF 126 South Front street
say th,ir business will not be inter fer
ed with and that most OF the Philadel
phia merchants have too small stock
on hand and are too we'll bacz ed fnan
cially to become embarrassed.